"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions", the ministry said in a statement.

China slammed the threats as "blackmail" and warned that if the U.S. followed through with the tariffs it would "have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures". But on Saturday, Beijing announced 25 percent tariffs on $34 billion of USA imports including soybeans and beef effective July 6 in response to Trump's tariff hike on a similar amount of Chinese goods. "But, including services, the imports amounted to $187 billion and China could impose higher tariffs than the United States in a bid to retaliate one-to-one". "The latest tariff threats demonstrates Trump's frustration with the current state of negotiations with China, significantly increasing the likelihood that Trump will seek to use these investment restrictions in an attempt to bring China to the negotiating table".

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", said the President.

Trump, pursuing his "America First" policy, has been insisting that China has been unfairly benefitting from a massive trade imbalance with the United States, now estimated to be Dollars 376 billion. Canada, for its part, has shot back with tariffs on a host of US goods set to take effect in July.

According to the report, Trump's administration has explicitly told Cook that it will not place tariffs on Chinese-assembled iPhones - a major guarantee for the company - but Apple is concerned about potential actions by China's government. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.

The US leader warned Friday of "additional tariffs" should Beijing hit back with tit-for-tat measures.

Trade-sensitive companies like Boeing Co. and Caterpillar Inc., China-exposed stocks like Acacia Communications Inc. and NXP Semiconductors, and steel producers and metals companies like Alcoa Corp. and United States Steel Corp. are among the hardest hit in NY trading, while the Dow Jones Transportation Average is down 1.9 per cent, the most since May 3.

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China.

While the Trump administration has insisted that the enforcement action vs. ZTE was separate from talk talks, it's clear that Chinese President Xi Jinping didn't agree. His latest move appears to reflect that logic: China can not mount a reciprocal response to tariffs on $200 billion worth of its goods, since the country only imported $130.4 billion of American products past year. Already, about $208 billion of those goods were subject to some form of import tax.

Europe, Japan and other trading partners raise similar complaints, but Trump has been unusually direct about challenging Beijing and threatening to disrupt such a large volume of exports.

Trump says he's looking out for American farmers and manufacturers, and again takes issue with Canada's supply management system for dairy farmers.

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